Cuts are said to be going down in New York.
Layoffs are happening (yet again) at UBS this morning, in equities (specifically stock loan, PB and sales/ trading).
Compensation conversations are set to be held next month, and while being told one's services are no longer required relatively close to bonus time probably feels rather harsh to those affected, this actually represents a big step for UBS, which recently laid people off one day after a major natural disaster, over the phone. Given management's modus operandi in the past, one would have expected the issuing of walking papers the day before bonus talks or maybe even an hour afterwards ("Just messing with ya"). Cuts four weeks prior is downright humane!